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The Bank of England’s current record on settlement technologies and also electronic money pertained to the blockchain innovation that allows electronic money a ‘authentic technical advancement’ which can have far reaching implications for the economic market.

So what is the block chain and also why are y’ all obtaining excited?

The block chain is an on the internet decentralised public journal of all electronic purchases that have taken place. It is electronic money’s equivalent of a high street financial institution’s journal that documents transactions in between 2 events.

Equally as our contemporary financial system couldn’t operate without the ways to tape-record the exchanges of fiat currency in between individuals, so too could a digital network not work without the trust that originates from the ability to precisely videotape the exchange of digital money between events.

It is decentralised in the sense that, unlike a traditional financial institution which is the sole owner of an electronic master ledger of its account holder’s financial savings the block chain journal is shared amongst all participants of the network and is exempt to the terms of any type of particular financial institution or country.

So what? Why is this more suitable to our current banking system?

A decentralised financial network guarantees that, by resting outside of the evermore linked existing monetary framework one can alleviate the threats of belonging to it when points go wrong. The 3 primary risks of a centralised financial system that were highlighted as a result of the 2008 financial crisis are debt, liquidity and operational failing. In the US alone since 2008 there have been 504 financial institution failings because of insolvency, there being 157 in 2010 alone. Commonly such a collapse does not jeopardize account holder’s financial savings due to federal/national support and also insurance for the very first few hundred thousand dollars/pounds, the banks properties generally being soaked up by another financial institution yet the impact of the collapse can cause unpredictability and temporary concerns with accessing funds. Given that a decentralised system like the Bitcoin network is not based on a bank to promote the transfer of funds between 2 events but instead counts on its tens of hundreds of users to authorise transactions it is extra resistant to such failures, it having as several back-ups as there are participants of the network to guarantee deals remain to be authorised in case of one participant of the network ‘breaking down’ (see below).

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